--- title: "16:28 ETBaiya International Group Inc. Announces Fiscal Year 2025 Financial Results" type: "News" locale: "en" url: "https://longbridge.com/en/news/284830612.md" description: "Baiya International Group Inc. (Nasdaq: BIYA) announced its fiscal year 2025 financial results, reporting net revenues of $16.5 million, a 28.6% increase from the previous year. Gross profit rose by 35.1% to $1.9 million. However, the company faced a net loss of $9.5 million, compared to a loss of $8,750 in fiscal year 2024. Significant growth was noted in entrusted recruitment services, which surged by 2,515.2%. The CEO emphasized plans for continued service refinement and expansion in high-growth sectors." datetime: "2026-04-30T20:28:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284830612.md) - [en](https://longbridge.com/en/news/284830612.md) - [zh-HK](https://longbridge.com/zh-HK/news/284830612.md) --- # 16:28 ETBaiya International Group Inc. Announces Fiscal Year 2025 Financial Results , /PRNewswire/ -- Baiya International Group Inc. ("Baiya" or the "Company") (Nasdaq: BIYA), a human resource ("HR") technology company utilizing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions, today announced its financial results for the fiscal year ended December 31, 2025. Ms. Siyu Yang, Chief Executive Officer of Baiya, commented, "We are pleased to report strong revenue growth for fiscal year 2025, with net revenues increasing by 28.6% to $16.5 million. This performance was driven by continued expansion in our core project outsourcing services, which increased by 9.4%, and exceptional growth in entrusted recruitment services, which increased by 2,515.2%. We also benefited from contributions from new customers and newly introduced services, while further strengthening our presence in the logistics and express delivery sectors. Gross profit grew by 35.1% to $1.9 million, reflecting increased contributions across our service lines, while we increased spending on business expansion and corporate-related initiatives." Ms. Yang continued, "As we move forward, we intend to continue to refine our service capabilities and deepen our presence in high-growth sectors such as logistics and express delivery, while advancing our platform-driven approach to better capture opportunities in the evolving employment landscape. In parallel, we are expanding our strategic horizon through new initiatives which reflect our efforts to build a more dynamic and structured capital framework. We believe these initiatives, together with our growing client base and disciplined execution, will position us well to drive sustainable growth and deliver long-term value to our shareholders." **Fiscal Year 2025 Financial Summary** - Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024. - Gross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024. - Net loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024. - Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024. **Fiscal Year 2025 Financial Results** **_Net Revenues_** Net revenues were $16.5 million in fiscal year 2025, an increase of 28.6% from $12.8 million in fiscal year 2024. - Revenue from entrusted recruitment service was $1.1 million in fiscal year 2025, an increase of 2,515.2% from $0.04 million in fiscal year 2024. The increase was primarily driven by growth in entrusted recruitment service revenue from new customers, including a $0.3 million contribution from Dongguan Santong Human Resources Management Co., Ltd., $0.2 million from Dongguan Great Wall Development Technology Co., Ltd., $0.2 million from Gansu Detian Human Resources Co., Ltd., $0.2 million from Suzhou Tengyu Outsourcing Services Co., Ltd. and $0.2 million from Dongguan Zhaofeng Human Resources Co., Ltd. - Revenue from project outsourcing service was $14.0 million in fiscal year 2025, an increase of 9.4% from $12.8 million in fiscal year 2024. The increase was primarily due to the outsourcing revenues from the Company's major customers, $0.7 million increased from Songjia Precision Technology (Dongguan) Co., Ltd. $0.6 million increased from China Postal Express & Logistics Co., Ltd — Sihui City Branch, $0.2 million increase from Guangdong Dingsheng Human Resources Co., Ltd and $1.8 million increase from Zhaoqing Runzhongyi Logistics Services Co., Ltd., which was partly offset by $1.6 million decreased from Zhongshan Branch of China Postal Group Limited and $0.4 million decrease from Dongguan Jiefeng Information Technology Co., Ltd. - Revenue from research and development technical services was $1.4 million in fiscal year 2025. The Company did not generate any revenue from research and development technical services in fiscal year 2024. - Revenue from other services was $0.1 million in fiscal year 2025, an increase of 1,706.2% from $3,050 in fiscal year 2024. During fiscal year 2025, the revenue generated from other services mainly represents consulting services revenue of $55,089. **_Cost of Revenues _**Total cost of revenue was $14.6 million in fiscal year 2025, an increase of 27.8% from $11.4 million in fiscal year 2024. **_Gross Profit _**Gross profit was $1.9 million in fiscal year 2025, an increase of 35.1% from $1.4 million in fiscal year 2024. The increase was mainly due to the $0.3 million increase in gross profit from project outsourcing service, $69,693 increase in gross profit from entrusted recruitment service, $64,301 increase in gross profit from research and development technical services and $26,860 increase in gross profit from other services. **_Operating Expenses _**Total operating expenses were $11.5 million in fiscal year 2025, an increase of 754.6% from $1.3 million in fiscal year 2024. The change was mainly due to an increase of $9.4 million in general and administrative expenses and an increase of $0.8 million in selling expenses, which were partly offset by a decrease of $11,088 in research and development expenses. - Selling expenses were $1.0 million in fiscal year 2025, an increase of 364.2% from $0.2 million in fiscal year 2024. The increase was primarily due to the $0.7 million increase in advertising and promotion expense and $0.1 million increase in meal and entertainment expense. - General and administrative expenses were $10.3 million in fiscal year 2025, an increase of 1,051.9% from $0.9 million in fiscal year 2024. The increase in general and administrative expenses were mainly due to increased stock compensation expenses by $4.3 million, increased consulting and professional service fees by $4.7 million, increased payroll expense by $0.3 million and increased other expenses by $0.1 million. - Research and development expenses were $0.23 million in fiscal year 2025, a decrease of 4.7% from $0.24 million in fiscal year 2024. **_Net Loss Attributable to Baiya _**Net loss attributable to Baiya was $9.5 million in fiscal year 2025, compared to $8,750 in fiscal year 2024. The increase in net loss in 2025 mainly resulted from increased operating expenses by $10.1 million, which was partly offset by increased other income by $0.1 million and increased gross profit by $0.5 million in fiscal year 2025. **_Basic and Diluted Net Loss per Common Share _**Basic and diluted net loss per common share were $5.04 in fiscal year 2025, compared to $0.02 in fiscal year 2024. **Financial Condition **As of December 31, 2025, the Company had cash of $0.7 million, compared to $1.7 million as of December 31, 2024. Net cash used in operating activities in fiscal year 2025 was $7.4 million, compared to net cash provided by operating activities of $1.6 million in fiscal year 2024. Net cash used in investing activities in fiscal year 2025 was $17.2 million, primarily reflected short-term loans extended to third parties in December 2025 which were non-interest-bearing for the first six months of their term and are subject to supplemental agreements and repayment plans entered into in April 2026, as further described in the Company's Annual Report on Form 20-F. The Company did not generate any cash flows in investing activities in fiscal year 2024. Net cash provided by financing activities in fiscal year 2025 was $25.0 million, compared to $0.08 million in fiscal year 2024. **About Baiya International Group Inc.** Baiya has evolved from a job matching service provider into a cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. Baiya has been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with its traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace. For more information, please visit the Company's website: https://www.baiyainc.com/investors-overview. **CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** _Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, statements concerning plans, growth initiatives, objectives, goals, strategies, future events or expected performance, and underlying assumptions and other statements that are other than statements of historical facts. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including, without limitation, risks related to the Company's operations in China, its contractual arrangements with its variable interest entity, evolving regulatory developments, liquidity and capital resources, repayment of loan receivables from third parties, remediation of material weaknesses in internal control over financial reporting, and the Company's ability to execute its business and strategic initiatives. Forward-looking statements can be identified by terms such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release._ _The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to carefully review the Company's annual report on Form 20-F, including the section captioned "Item 3.D. Risk Factors" and the Company's other filings with the United States Securities and Exchange Commission ("SEC")._ **For further information, please contact:** **Baiya International Group Inc. **Investor Relations Department Phone: +86 0769-88785888 Email: \[email protected\] **_Investor Relations Inquiries:_** **Ascent Investor Relations LLC **Tina Xiao Phone: +1-646-932-7242 Email: \[email protected\] **BAIYA INTERNATIONAL GROUP INC.** **CONSOLIDATED BALANCE SHEETS** **(Expressed in U.S.** **Dollars, except for the number of shares)** **As of** **December** **31,** **2025** **As of** **December** **31,** **2024** **ASSETS** CURRENT ASSETS Cash $ 688,941 $ 1,668,291 Accounts receivable, net 1,669,511 1,648,073 Due from related parties 424,121 40,549 Deferred IPO costs \- 889,160 Prepaid expenses and other current assets 5,915,194 177,325 Loan receivable from third parties, current 17,653,965 \- Total current assets 26,351,732 4,423,398 NON-CURRENT ASSETS Restricted cash, non-current 1,430,000 \- Property and equipment, net 7,071 1,872 Right-of-use asset, net 42,745 49,356 Loan receivable from third parties, non-current \- 443,787 Other non-current assets \- 33,017 Total noncurrent assets 1,479,816 528,032 TOTAL ASSETS $ 27,831,548 $ 4,951,430 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 2,002,141 $ 1,662,594 Loan payable to third parties 107,250 164,399 Advance from customers 30,975 29,675 Accrued liabilities and other payables 2,261,771 2,057,865 Taxes payable 106,023 146,239 Due to related parties 212,100 170,855 Lease liabilities 36,382 8,422 Bank loan payables, current \- 117,345 Total current liabilities 4,756,642 4,357,394 NON-CURRENT LIABILITIES Lease liabilities 6,363 43,972 Total non-current liabilities 6,363 43,972 TOTAL LIABILITIES 4,763,005 4,401,366 COMMITMENTS AND CONTINGENCIES STOCKHOLDER'S EQUITY Preferred shares, par value $0.0025, 100,000,000 shares authorized, nil shares issued and outstanding as of December 31, 2025 and 2024, respectively \- \- Class A Common shares, par value $0.0025, 1,600,000,000 shares authorized, 1,185,835 and 400,051 shares issued and outstanding as of December 31, 2025 and 2024, respectively 2,964 1,000 Class B Common shares, par value $0.0001, 100,000,000 shares authorized, 3,600,000 and nil shares issued and outstanding as of December 31, 2025 and 2024, respectively 360 \- Additional paid-in capital 33,706,703 1,796,285 Statutory Reserve 458,832 380,901 Accumulated other comprehensive loss (147,070) (221,139) Accumulated deficit (11,066,628) (1,456,778) Total Company shareholders' equity 22,955,161 500,269 Non-controlling interest 113,382 49,795 Total shareholders' equity 23,068,543 550,064 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 27,831,548 $ 4,951,430 **BAIYA INTERNATIONAL GROUP INC.** **CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS** **(Expressed in U.S.** **Dollars, except for the number of shares)** **For the Years Ended December 31,** **2025** **2024** **2023** Net revenues $ 16,477,041 $ 12,809,211 $ 11,574,877 Cost of revenues 14,576,205 11,401,940 10,772,530 Gross profit 1,900,836 1,407,271 802,347 Operating expenses Selling expenses 996,439 214,672 127,214 General and administrative expenses 10,253,273 890,089 1,093,703 Research and development expenses 227,062 238,150 300,519 Total operating expenses 11,476,774 1,342,911 1,521,436 (Loss) income from operations (9,575,938) 64,360 (719,089) Other income (expenses) Interest income (expense), net 3,349 (31,510) (24,030) Government subsidy income \- 5,823 33,654 Other income (expenses), net 111,615 (3,456) (321,112) Other income (expenses), net 114,964 (29,143) (311,488) Income (loss) before income tax (9,460,974) 35,217 (1,030,577) Less: income tax expense 19,050 28,530 32,239 Net (loss) income (9,480,024) 6,687 (1,062,816) Less: net income (loss) attributable to non-controlling interests 51,895 15,437 (45,739) Net loss attributable to common shareholders of Baiya International Group Inc. $ (9,531,919) $ (8,750) $ (1,017,077) Comprehensive income (loss) Net income (loss) (9,480,024) 6,687 (1,062,816) Other comprehensive income (loss) Foreign currency translation gain (loss) 85,760 (71,274) (46,538) Total other comprehensive income (loss) 85,760 (71,274) (46,538) Total comprehensive loss (9,394,264) (64,587) (1,109,354) Less: comprehensive income (loss) attributable to noncontrolling interest 63,586 11,874 (48,095) Comprehensive loss attributable to common shareholders of Baiya International Group Inc. $ (9,457,850) $ (76,461) $ (1,061,259) Net loss per common share Basic and diluted \* $ (5.04) $ (0.02) $ (2.66) Weighted average number of common shares outstanding Basic and diluted \* 1,892,759 400,000 400,000 \* retroactively reflect 1-for-25 reverse stock split effective on December 29, 2025 **BAIYA INTERNATIONAL GROUP INC.** **CONSOLIDATED STATEMENTS OF CASH FLOWS** **(Expressed in U.S.** **Dollars, except for the number of shares)** **For the Years Ended December 31,** **2025** **2024** **2023** CASH FLOWS FROM OPERATING ACTIVITIES Net (loss)/income $ (9,480,024) $ 6,687 $ (1,062,816) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation expense 407 443 799 Allowances for credit losses 126,038 (43,859) 121,899 Gain on disposal of subsidiaries 12,453 \- \- Amortization of operating lease right-of-use assets 41,193 11,693 139,592 Changes in deferred income tax \- \- 5,818 Stock compensation expense 6,101,716 \- \- Changes in operating assets and liabilities: Accounts receivable, net 49,363 1,972,340 (1,331,193) Advance to suppliers, net \- \- 40,371 Due from related parties \- 894,107 (900,702) Prepaid expenses and other current assets (4,622,841) 126,918 (138,659) Accounts payable 259,478 (1,112,598) 1,117,916 Accrued liabilities and other payables 166,327 (165,046) 175,063 Taxes payable (45,243) (105,398) 33,247 Lease liability (44,278) (1,530) (2,448) Net cash (used in) provided by operating activities (7,435,411) 1,583,757 (1,801,113) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets (5,524) \- \- Loan to third party (17,185,430) \- \- Net cash used in investing activities (17,190,954) \- \- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans - bank \- 55,434 \- Due to related parties (349,143) 938,382 (416,209) Repayments to loans - bank (119,145) (638,745) (31,224) Repayment to third party loan (62,595) (278,083) \- Advance to third party loan \- \- (60,716) Net proceeds from issuance of common stock 25,541,955 \- \- Net cash provided by (used in) financing activities 25,011,072 76,988 (508,149) **EFFECT OF EXCHANGE RATE CHANGES ON CASH** 65,943 (24,427) (62,935) **NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH** 450,650 1,636,318 (2,372,197) **CASH AND RESTRICTED CASH, BEGINNING OF YEAR** 1,668,291 31,973 2,404,170 **CASH AND RESTRICTED CASH, END OF YEAR** $ 2,118,941 $ 1,668,291 $ 31,973 $ \- **Supplemental disclosure information of cash flow:** Cash paid for income tax $ \- $ 4,543 $ 15,090 Cash paid for interest $ 5,907 $ 36,724 $ 63,042 **Supplemental non-cash information:** Right of use assets obtained in exchange for operating lease liability $ 78,801 $ 3,038 $ 4,985 Due from related party offset with due to related party upon execution of debt offset agreement $ \- $ 1,812,949 $ \- Shares issued as prepayment for acquisition of subsidiary $ 1,173,920 $ \- $ \- SOURCE Baiya International Group Inc. ### Related Stocks - [BIYA.US](https://longbridge.com/en/quote/BIYA.US.md) ## Related News & Research - [Ondas Inc. 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